NUM signs wage deal with Northam Platinum | Fin24
In partnership with

NUM signs wage deal with Northam Platinum

Jul 30 2015 12:38

Johannesburg - The National Union of Mineworkers (NUM) said on Thursday it had signed a three-year wage deal with Northam Platinum for increases of up to 17% for its lowest paid members.

Northam said in a statement that the deal only applied to workers at its Zondereinde mine, which accounts for most of the company's production.

NUM, which is currently in wage talks in the gold sector, said the deal will see the basic minimum monthly wage for surface workers rise by R1 000 to R6 981, an increase of about 17%.

For underground workers, the bulk of the workforce, the increases for entry-level workers will be 13% in the first year, followed by annual hikes of 11.6% and 10.5%. Other categories will get wage rises of at least 7.5% in the first year.

Inflation in South Africa stood at 4.7% in June.

The platinum industry is under pressure with prices at 6½ lows below $1 000 an ounce. But Northam's balance sheet is in fairly good shape and the company said in May it could spend R4bn to buy additional assets.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

northam platinum  |  num  |  mining  |  wage deal


Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Comments have been closed for this article.

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you switch to a bank that rewarded you for 'good' financial behaviour?

Previous results · Suggest a vote